- NY Credits : 3.0
- TX Credits : 3.0
GAAS Guide - Standards
In March 2006, the AICPA's Auditing Standards Board (ASB) issued multiple Statements on Auditing Standards (SAS) relating to the assessment of risk in an audit of financial statements. They were effective for audits of financial statements for periods beginning on or after December 15, 2006. The overall impact was to significantly enhance the audit risk assessment considerations and documentation, particularly in areas of professional judgment. The GAAS Guide - Standards provides an overview of generally accepted auditing standards.
Upon successful completion of GAAS Guide - Standards, the user should be able to:
recognize the rationale for recently issued audit standards,
identify the basic responsibilities and nature of the audit function, and
identify the overall objectives of the independent auditor and the conduct of an audit in accordance with GAAS as stated in SAS No. 122, Clarification and Recodification.